Wells Fargo Cuts 50 Jobs in Downtown Portland as Layoffs Continue Across Oregon

In the latest round of layoffs, the multinational financial services company Wells Fargo laid off 50 workers from its downtown Portland office, primarily from the Financial Crimes Division.

According to Wells Fargo, the company is consolidating corporate jobs in central locations. While the company indicated that it remains committed to working with local clients in the Portland area, the 50 layoffs are at  Wells Fargo Center on Southwest Fifth Avenue.

Over 11,000 Oregon workers were laid off over the past 19 months. The state’s unemployment rate is currently 5.0%, having risen steadily over the past two years.

While state data suggests that most laid-off workers have found new jobs, recently, it has taken longer for them to do so.

In Portland, downtown pedestrian activity remains more than a third lower than it was before the COVID-19 pandemic, and the city has one of the highest office vacancy rates in the country.

Wells Fargo indicated that the laid-off workers will be paid through November 28 and will receive severance benefits based on the number of years they have worked for the bank, and continued health insurance coverage for an unspecified period.